QUARTERLY UPDATE Q2 2019
DEALERSHIP INDUSTRY
Page 2
$963 M
$2,175 M
$1,110 M$899 M
$1,329 M $1,050 M$179 M
-
10
20
30
40
50
60
70
80
-
500 M
1,000 M
1,500 M
2,000 M
2013 2014 2015 2016 2017 2018 Q2 2019
Tran
sact
ion
Volu
me (
Num
ber
of D
eals
)
Tran
sact
ion
Valu
e (C
AD M
illio
ns)
PUBLICLY DISCLOSED DEALERSHIP TRANSACTIONS (NORTH AMERICA)1
Transaction Value Transaction Volume
INDUSTRY OVERVIEW
1: Capital IQ. Data as of June 30, 2019; SEC Filings via Haig Report.2: https://www.desrosiers.ca/3: https://www.todaystrucking.com/
• Continued consolidation in the industry by independents, multi-store groups and carve-outsfrom larger multi-location groups.
• Location, brand and strength of management is playing an increasingly important role invaluation as industries continue to consolidate.
• Approximately 20.9% of new light vehicle registrations were dedicated to fleets in 2018; anincrease from 19.6% in 2016 to 19.9% in 2017.2
• We are still currently experiencing a seller’s’ market among both independents and multi-location groups, depending on location and company-specific factors, although less so than afew years ago.
• Fragmented marketplace presents an opportunity for merger and acquisition (M&A) activity.• North American Class 8 truck orders continue to decline this year, with preliminary estimates
totaling fewer than 11,000 vehicles this May. The numbers represent respective drops of 27or 29% when compared to April totals.3
• The driver turnover rate at truckload fleets with more than $30 million revenue rose to 83%in Q1 2019, while the rate for smaller truckload carriers fell to 73%.3
• Weak Canadian dollar is impairing margin and performance of Canadian-based dealershipsthat source from the U.S. Trade dispute concerns continue to linger.
• Continued consolidation and interest of remaining independent dealerships with buyer poolshrinking may balance out valuation multiples in line with historical averages.
• Accelerated consolidation amongst Case-IH and New Holland dealers, with a push at the OEMlevel for independents to sell. Valuations can vary significantly by location.
• A few years of difficult crop seasons have pinched farm cash receipts and impacted dealerperformance.
AUTOMOTIVE
HEAVY TRUCK
AGRICULTURE IMPLEMENT
M&A TRANSACTIONS & PERFORMANCE
Page 3
-
10%
20%
30%
40%
50%
60%
70%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Pass
enge
r Veh
icle
Sal
es (U
nits
)
CANADIAN PASSENGER VEHICLE SALES1
Cars Light Truck (includes SUVs and crossovers) Domestic (%) Foreign (%)
-48.2%
30.3%
16.4%14.4%
16.5%
40.2%
-60%
-40%
-20%
-
20%
40%
60%
Q2 2016 Q2 2017 Q2 2018 Q2 2019
Three-Year Index Performance2
AutoCanada Inc. US Dealership Peers Domestic OEM PeersForeign OEM Peers TSX S&P 500
Q2 2019 passenger vehicle sales fell short of Q2 2018 by 33,720 units and was the lowest Q2 in four years. The netdecrease in units sold from Q2 2018 was comprised of a decrease of 33,220 cars and 500 light trucks. The split indomestic vs. foreign sales from Q1 2019 to Q2 2019 has remained fairly consistent, although the market remains foreign-vehicle dominated. Overall vehicle sales were comprised of 73% light truck sales in Q2 2019, up from 69% in Q2 2018.
INDUSTRY SNAPSHOT
1: Desrosiers Automotive Consultants monthly reports, July 2015 – June 2019.2: Capital IQ. Data as of June 30, 2019.3: US Dealership Peers: AutoNation, Group 1 Automotive, Asbury Automotive, Sonic Automotive, Lithia Motors and Penske Automotive. Domestic OEMPeers: General Motors, Ford, and Fiat Chrysler. Foreign OEM Peers: Toyota, Honda and Nissan.Note: “LTM” refers to last 12 months.
2018201720162015
AUTOMOTIVE
Q2 2019LTM
7.59%-32.51%
AutoCanada Inc. (Canada’s only publicly traded automotive dealership group) continues to experience heavy pressure onshare price falling 32% in the last 12 months. The domestic and foreign OEM peer groups have experienced modestincreases in share price from 2016, lagging just slightly behind the TSX and S&P 500. Meanwhile, the U.S. dealership peergroup has seen large growth in share price over the past quarter, in sharp contrast to AutoCanada.
AutoCanada Inc.
3 3
3
2019
Page 4
5 Year AutoCanada Disclosed
M&A Glance1
Total Deal Value ($CAD)
399.0MTotal Number of Transactions
22Average Transaction Value
18.1M
133.6m
63.8m
24.9m 17.0m
159.7m
--
25 M
50 M
75 M
100 M
125 M
150 M
175 M
200 M
2014 2015 2016 2017 2018 Q2 2019
Tran
sact
ion
Valu
e ($C
AD M
illio
ns)
AUTOCANADA INC. DISCLOSED ACQUISITION VALUES1
Publicly Disclosed Transaction Values
AUTOCANADA INC. M&A REVIEW1
• The only publicly traded automotive dealership in Canada isAutoCanada Inc. and is, therefore, the closest publicly availablecomparable to a privately-owned car dealership group.
• AutoCanada is one of Canada’s largest multi-location automobiledealership groups, currently operating 64 franchised dealerships inCanada and the U.S. AutoCanada offers 27 brands of vehicles.
• AutoCanada had a large $111 million transaction in March 2018,where they acquired a dealership group of eight locations in the U.S.,making up the bulk of their deal activity in 2018.
• With the recent expansion into the U.S., aggregate transaction valuesfor AutoCanada Inc. surpassed the last high seen in 2014.
• AutoCanada has completed the sale and leaseback of several of itsdealership properties over the past year.
• There have been no publicly disclosed acquisitions by AutoCanada inthe first half of 2019.
• AutoCanada is currently in the middle of a $250M lawsuit involvingthe former CEO.
1: Capital IQ. Data as of June 30, 2019. M&A summary data is based on publicly disclosed transactions. Not all transactions have disclosed financialinformation. Currency in CAD.
AUTOMOTIVE
INDUSTRY SNAPSHOT
Page 5
50.4%
7.8%
16.7%16.5%
40.2%
-
20%
40%
60%
80%
Q2 2016 Q2 2017 Q2 2018 Q2 2019
Three-Year Index Performance1
Penske Automotive Group, Inc. Cervus Equipment Corporation OEM Peers
TSX S&P 500
-6%
-4%
-2%
-
2%
4%
6%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-
100 M
200 M
300 M
400 M
500 M
Net
Prof
it Be
fore
Tax
(% o
f Rev
enue
)
Heav
y Tr
uck
Sale
s ($C
AD M
illio
ns)
PENSKE & CERVUS HEAVY TRUCK DIVISION PERFORMANCE1
Penske Heavy Truck Sales ($) Cervus Heavy Truck Sales ($)Penske Heavy Truck Net Profit (%) Cervus Heavy Truck Net Profit (%)
Q2 2019LTM
-8.38%-14.75%
2
Penske Automotive Group is a publicly traded, global dealership group. While their focus is on automotive, Penske alsohas a heavy truck division. Cervus Equipment Corporation is a global agricultural, construction and heavy truck dealershipgroup. While agriculturally focused, Cervus generates approximately 25% of its sales from its Peterbilt heavy truckdivision. Heavy truck revenues and net profit margins from these two publicly comparable companies have been isolatedin order to gauge divisional performance as a metric for the industry in general.
1: Capital IQ. Data as of June 30, 2019.2: Penske Automotive Group and Cervus Equipment Corporation are both diversified companies, therefore the share price performances shown aboveare not inherently related to the performance of their heavy truck divisions.3: OEM Peers: Daimler AG (Freightliner, Western Star), AB Volvo (Volvo, Mack), Navistar (International) and PACCAR Inc. (Kenworth, Peterbilt).
Penske Automotive Group has seen high volatility in share price over the past three years, currently 50% higher than Q22016. Since Q2 2018 it has exhibited fairly strong correlation to the S&P 500 index and outpacing both the S&P 500 andTSX indices. Cervus Equipment has experienced an overall increasing trend since Q1 2016, but with volatility. The heavytruck OEM peer group has declined dramatically over the past year but rebounded in Q2 2019. Both peer groups arelagging behind the S&P 500, but are in line with the TSX.
HEAVY TRUCK
INDUSTRY SNAPSHOT
20172016
3
Cervus Equipment
Q2 2019LTM
5.94%0.96%
Penske Automotive
2
2018 2019
Page 6
46.1%
72.9%
16.5%
40.2%
-
20%
40%
60%
80%
100%
Q2 2016 Q2 2017 Q2 2018 Q2 2019
Three-Year Index Performance1
Dealership Peers OEM Peers TSX S&P 500
-
2 B
4 B
6 B
8 B
10 B
12 B
100 M
150 M
200 M
250 M
300 M
350 M
400 M
450 M
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Farm
Cas
h Re
ceip
ts
($CA
D Bi
llion
s)
Reve
nue
($CA
D M
illio
ns)
REVENUE1 VS. FARM CASH RECEIPTS2 PER QUARTER
Rocky Mountain Equipment Cervus Equipment Farm Cash Receipts (AB, SK, MB)
Farm cash receipts display a defined pattern of drastic annual fluctuations, as cash receipts are a lagging indicator ofagriculture equipment sales. Farm cash receipts have been relatively steady this past year, with the Q1 2019 being justabove 2018 levels. Both Cervus’ and Rocky Mountain Equipment’s Q1 2019 were below Q1 2018. Cervus has declined by6%, while Rocky Mountain Equipment had a more drastic decline of 19%.
The dealership peer group has underperformed the OEM peer group from Q2 2016 to Q2 2019. The dealership peergroup had a strong Q2 2019, increasing in share price by more than 13%, compared to almost 7% by the OEM peer group.The agricultural implement / construction OEM peer group has seen significant TSX index out-performance over the pastthree years.
1: Capital IQ. Data as of June 30, 2019.2: Farm product prices, crops and livestock – Statistics Canada.3: Dealership Peers: Rocky Mountain Equipment, Cervus and Titan Machinery. OEM Peers: Deere & Company (John Deere), CNH Industrial (Case IH, NewHolland), Kuboto Corp., Caterpillar Inc. (CAT) and AGCO Corporation (Massey Ferguson).
2017201620152014
AGRICULTURAL IMPLEMENT
INDUSTRY SNAPSHOT
Q2 2019LTM
13.51%5.50%
Dealership Peers
Q2 2019LTM
3.48%6.61%
OEM Peers
3 3
2018 2019
Page 7
MACROECONOMIC INDICATORS
-
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
%
PRIME INTEREST RATE2
95
98
101
104
107
110
113
116
119
Inde
x
CONSUMER CONFIDENCE INDEX1
25,000
28,000
31,000
34,000
37,000
40,000
43,000
CAD
PER CAPITA DISPOSABLE INCOME1
1.75
1.80
1.85
1.90
1.95
2.00
2.05
2.10
2.15
CAD
Mill
ions
NEW VEHICLE SALES1
The key external drivers that affect the various dealership industries in Canada include: new vehicle sales, per capitadisposal income, consumer confidence index, prime interest rate, gross domestic product, farm cash receipts and cropcommodity prices. In general, most key industry drivers point toward a positive industry outlook. The Bank of Canadainterest rate increased in 2018 to 1.75%, but in their April 24, 2019 report alluded to a long-term holding pattern. It isunlikely rate increases in 2018 would have a material impact on vehicle purchases, despite the slightly higher costsassociated with leasing and dealership profitability due to higher carrying costs of floor plan financing. Recent trade warsand higher consumer borrowing costs may erode consumer confidence.
1: IBISWorld Industry Reports2: Bank of CanadaNote: “F” indicates forecast.
Rates expected to hold steady
Strong Outlook In Industry Drivers
*** Forecasted rebound of 1% in 2019 after drop in 2018 from 2017
***
Expected improvements after three years of declines
Page 8
MACROECONOMIC INDICATORS
104
106
108
110
112
114
116
-
100
200
300
400
500
600
700
May-17 Nov-17 May-18 Nov-18 May-19
Farm
Inpu
t Pric
e In
dex
CAD/
MT
CROP COMMODITY PRICES2
Wheat - excl. durum Durum Barley Soybeans Grain corn
Flaxseed Canola Lentils Dry peas Farm input price index
-
2 B
4 B
6 B
8 B
10 B
12 B
14 B
16 B
CAD
Billi
ons
FARM CASH RECEIPTS (AB, SK, MB)2
1.3 T
1.6 T
1.9 T
2.2 T
2.5 T
CAD
Trill
ions
GDP - CANADA1
1: IBISWorld Industry Reports2: Farm product prices, crops and livestock – Statistics Canada.
Page 9
SELECT RECENT M&A TRANSACTIONS
Location Ontario
Date July 2019
• Jim Rose, owner of the 401 Auto RV Group in Canadahas acquired Simcoe Volkswagen in Simcoe, Ont. fromJason Chow.
• With locations all across Ontario, the 401 Auto RVGroup is one of Canada's fastest growing dealer groups,with multiple brands in its portfolio.
acquired
Location BC/Ontario
Date June 2019
• Boyer Auto Group is comprised of 10 locations inCentral Ontario and retails new and used Buick,Cadillac, Chevrolet, GMC, Kia, Mazda, Nissan, Chrysler,Dodge, Jeep and Ram vehicles.
• Country Ford Lincoln is a dealership located inBobcaygeon, Ont. It was sold by FFUN Motor Group, agroup that retails 10 automotive brands in 18dealerships located across Canada.
Location Ontario
Date May 2019
acquired a dealership from
• Automotive Properties Real Estate Investment Trustannounced it has entered into an agreement topurchase a portfolio of three automotive dealershipproperties from AutoCanada Inc. for a total purchaseprice of approximately $30.4 million.
• The three dealership properties are the AbbotsfordVolkswagen property, the Guelph Hyundai propertyand the Wellington Motors property.
acquired three dealership
properties from
Location Ontario
Date June 2019
• Automotive Properties Real Estate Investment Trustannounced it has entered into an agreement with theDilawri Group to acquire the Audi Queenswayautomotive dealership property for $36.5 million.
• Dilawri Group of Companies is one of Canada's largestautomotive groups with 72 franchised dealershipsrepresenting 30 automotive brands throughoutQuebec, Ontario, Saskatchewan, Alberta and BritishColumbia.
acquired a dealership
property from
Page 10
PUBLIC COMPARABLE ANALYSISGROWTH, MARGINS & MULTIPLES
13%
10%
9%
4%
4%
4%
- 2% 4% 6% 8% 10% 12% 14%
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EBITDA Margin (LTM)1
0%
-6%
0%
0%
1%
0%
-7% -6% -5% -4% -3% -2% -1% - 1%
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median Revenue Growth (NTM)1
11%
17%
1%
8%
5%
2%
- 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median Revenue Growth (LTM)1
7%
-1%
7%
1: Capital IQ. Data as of June 30, 2019Note: “LTM” refers to last 12 months. “NTM” refers to next 12 months.
Page 11
PUBLIC COMPARABLE ANALYSISGROWTH, MARGINS & MULTIPLES
10.2x
10.0x
9.8x
16.6x
11.2x
12.4x
- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EV/EBITDA (NTM)1
10.6x
10.0x
7.6x
14.0x
11.5x
11.5x
- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EV/EBITDA (LTM)1
14%
11%
9%
4%
4%
4%
- 2% 4% 6% 8% 10% 12% 14% 16%
Agriculture Implement / Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Agriculture Implement / Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EBITDA Margin (NTM)1
8%
11.9x
11.7x
1: Capital IQ. Data as of June 30, 2019.Note: “LTM” refers to last 12 months. “NTM” refers to next 12 months. EV/EBITDA multiples may include real estate.
Page 12
PUBLIC COMPARABLE ANALYSISTRADING MULTIPLES AND OPERATING STATISTICS
1: Capital IQ. Data as of June 30, 2019.Note: LTM refers to last twelve months. NTM refers to next twelve months. EV/EBITDA multiples may include real estate.
CAD Millions
CompanyMarket
CapitalizationEnterprise
Value RevenueRevenue Growth EBITDA
EBITDA Margin
Revenue Growth
EBITDA Margin
NTM EV/EBITDA
LTM EV/EBITDA LTM EV/REV
Automotive DealershipsAutoCanada Inc. $315 $1,759 $3,270 6.1% $67 2.0% 1.6% 3.4% 15.8x 26.4x .5xAutoNation, Inc. $4,894 $13,760 $28,248 (2.4%) $1,218 4.3% (2.2%) 4.5% 11.0x 11.5x .5xGroup 1 Automotive, Inc. $1,908 $6,037 $15,437 0.7% $636 4.1% (2.3%) 3.6% 11.1x 9.7x .4xAsbury Automotive Group, Inc. $2,153 $4,909 $9,270 6.5% $476 5.1% 1.1% 4.5% 11.8x 10.5x .5xSonic Automotive, Inc. $1,316 $4,867 $13,285 (0.4%) $504 3.8% (2.6%) 3.0% 12.7x 9.9x .4xLi thia Motors , Inc. $3,597 $8,387 $16,054 14.3% $730 4.5% 1.8% 4.2% 12.4x 11.7x .5xPenske Automotive Group, Inc. $5,176 $16,378 $30,210 2.5% $1,198 4.0% (0.3%) 3.5% 15.3x 14.0x .6xMedian $2,153 $6,037 $15,437 2.5% $636 4.1% (0.3%) 3.6% 12.4x 11.5x .5xMean $2,765 $8,014 $16,539 3.9% $690 4.0% (0.4%) 3.8% 12.9x 13.4x .5xHeavy Truck DealershipsPenske Automotive Group, Inc. $5,176 $16,378 $30,210 2.5% $1,198 4.0% (0.3%) 3.5% 15.3x 14.0x .6xCervus Equipment Corporation $188 $525 $1,336 7.8% $58 4.3% 1.4% 5.2% 7.0x 9.0x .4xMedian $2,682 $8,451 $15,773 5.2% $628 4.2% 0.6% 4.4% 11.2x 11.5x .5xMean $2,682 $8,451 $15,773 5.2% $628 4.2% 0.6% 4.4% 11.2x 11.5x .5xAgriculture Implement / Construction DealershipsRocky Mounta in Dealerships Inc. $150 $654 $1,009 4.1% $47 4.6% 0.4% 3.6% 16.6x 14.0x .6xCervus Equipment Corporation $188 $525 $1,336 7.8% $58 4.3% 1.4% 5.2% 7.0x 9.0x .4xTi tan Machinery Inc. $587 $1,237 $1,742 10.6% $74 4.2% 0.2% 4.1% 17.1x 17.2x .7xMedian $188 $654 $1,336 7.8% $58 4.3% 0.4% 4.1% 16.6x 14.0x .6xMean $309 $805 $1,362 7.5% $60 4.4% 0.7% 4.3% 13.6x 13.4x .6xAutomobile OEMsGenera l Motors Company $71,487 $195,181 $194,908 1.0% $18,296 9.4% (1.3%) 13.9% 7.3x 10.9x 1.0xFiat Chrys ler Automobi les N.V. $28,609 $32,951 $163,449 5.2% $13,252 8.1% (0.1%) 11.2% 1.8x 2.5x .2xFord Motor Company $53,386 $227,595 $212,140 (0.5%) $16,728 7.9% (10.3%) 8.7% 13.7x 13.9x 1.1xDaimler AG $77,909 $275,870 $250,924 1.2% $21,880 8.7% 0.2% 9.4% 10.6x 12.7x 1.1xHonda Motor Co., Ltd. $59,471 $119,808 $191,644 3.4% $18,377 9.6% (0.4%) 8.1% 7.7x 6.5x .6xNissan Motor Co., Ltd. $36,641 $121,489 $139,605 (3.2%) $17,325 12.4% (2.3%) 6.7% 13.3x 7.0x .9xToyota Motor Corporation $229,895 $423,914 $364,574 2.9% $55,725 15.3% 1.6% 11.7% 9.8x 7.6x 1.2xMedian $59,471 $195,181 $194,908 1.2% $18,296 9.4% (0.4%) 9.4% 9.8x 7.6x 1.0xMean $79,628 $199,544 $216,749 1.4% $23,083 10.2% (1.8%) 10.0% 9.2x 8.7x .9xHeavy Trucks OEMsAB Volvo (publ ) $42,188 $56,556 $60,016 18.1% $7,023 11.7% (6.5%) 14.3% 6.8x 8.6x 1.0xNavis tar International Corporation $4,468 $10,239 $15,257 24.2% $988 6.5% (5.2%) 7.6% 9.3x 10.6x .7xPACCAR Inc $32,474 $40,904 $32,518 16.6% $4,481 13.8% (7.9%) 12.1% 11.2x 9.3x 1.3xDaimler AG $77,909 $275,870 $250,924 1.2% $21,880 8.7% 0.2% 9.4% 10.6x 12.7x 1.1xMedian $37,331 $48,730 $46,267 17.3% $5,752 10.2% (5.9%) 10.8% 10.0x 10.0x 1.0xMean $39,260 $95,892 $89,679 15.0% $8,593 10.2% (4.9%) 10.9% 9.5x 10.3x 1.0xAgriculture Implement / Construction OEMsDeere & Company $68,712 $123,473 $52,503 18.3% $8,177 15.6% (12.6%) 15.9% 16.9x 15.5x 2.4xCNH Industria l N.V. $18,143 $45,740 $36,661 2.8% $3,774 10.3% 4.6% 9.1% 13.1x 12.4x 1.3xKubota Corporation $26,749 $35,242 $22,946 7.2% $3,054 13.3% 3.7% 13.6% 11.0x 11.5x 1.5xCaterpi l lar Inc. $101,952 $141,487 $73,951 14.1% $14,915 20.2% 0.5% 19.9% 9.4x 9.7x 2.0xAGCO Corporation $7,791 $10,224 $12,484 7.5% $1,141 9.1% 0.0% 9.2% 8.9x 9.2x .8xAB Volvo (publ ) $42,188 $56,556 $60,016 18.1% $7,023 11.7% (6.5%) 14.3% 6.8x 8.6x 1.0xMedian $34,469 $51,148 $44,582 10.8% $5,399 12.5% 0.3% 13.9% 10.2x 10.6x 1.4xMean $44,256 $68,787 $43,093 11.3% $6,347 13.4% (1.7%) 13.7% 11.0x 11.1x 1.5x
(Figures In CAD Millions, except percentages and ratios)1
LTM Operating Figures NTM Consensus Estimates Valuation
Page 13
MNPCF – LEADERSHIP TEAM
DUE DILIGENCE LEADERSHIP
TRANSACTION LEADERSHIP
Aleem BandaliManaging Director
Dale AntonsenManaging Director
John CaggianielloManaging Director
[email protected] 416.513.4177
Brett FranklinPresident
Mike ReynoldsManaging Director
Johnny EarlManaging Director
[email protected] 604.637.1514
Dan PorterManaging Director
Stephen ShawManaging Director
Kevin TremblayManaging Director
Mark RegehrManaging Director
Craig MaloneyManaging Director
Patrick KhouzamManaging Director
Jason BurgessManaging Director
Erik St-HilaireManaging Director
Page 14
MNPCF – RECENTLY CLOSED DEALS
NATIONAL